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to get a reality check from stephen moore, a member of the wall street editorial board and author of "who's the fairest of them all?" . stephen, we have spent six month talking about this can't happen we can't go off the fiscal cliff. we've got to meet this deadline and now they are saying, it's not that bad. which is it? >> look, i don't think it's the end of the world and i think it would get resolved in the weeks ahead but it's a black eye for our whole political system. think about this. here we are two or three days away from the start of the year without any american business or investor or workerer knowing what the payroll tax is going to be, income tax is going to be, i mean, this just isn't a very good way to run a country and it's almost like banana republic politics. >> my dad used to say, no way to run a railroad. let's talk about a couple of things. this whole idea that tax rates on everyone will go up. does the irs, does the treasury department have the ability to sort of say, look, here's some guidance. keep withholding where it is? >> the irs is in turmoil right now. they
jeffrey moore. >> i did very well. >> you knew the indicators that are used to define recession. they're not cherry-picked. that are very specific. they've been defining them for decades, almost a century. >> what are they? >> they are production, income, sales, broad sales and employment. that is it. and when they peak collectively, that is a telltale sign that you have turned the corner on the business cycle and are headed down. >> what about the -- production has come down. i agree with you. income has come down. sales have come down. employment, however, is still rising. >> well, first off, on production and income, you have not seen the simultaneous decline we have now in over half a century. you've never seen it outside of a recession. and you've always seen it inside of a recession and both of those peaked in july, broad sales thus far the peak is in july. that's the high point. we'll see what happens. unemployment is still rising. that's your best argument -- >> employment is still rising. >> jobs growth is still positive. now, that is not inconsistent with a recession. in thr
sustain the one-two punch is anybody's question. patti ann: joining us now is steve moore from the "wall street journal." hopefully he can give us some answers. good morning, steve. what is the most immediate impact in we go over the cliff? >> we are talking about january 2nd taxing rising on over a hundred million americans. this is a big sock to the wallet of americans of every income group. let's just talk about the middle class for a minute. for those earning about 45 to 75,000 a year they are looking at paying somewhere in the neighborhood of $2,500 a year more in taxes. it's not just the warn buffets and bill gates that will be hit by tax increases. the other part of the cliff that we don't talk that much about is the automatic spending cuts would take effect starting on january 2nd, an 8% reduction in major spending categories, national defense, many of what we call the domestic discretionary programs would also be hit. this is a big fiscal wallop to the economy and a lot of economists believe it could cause a double-dip recession. patti ann: on the other hand we are hearing from
? joining me now, senior economics writer or for "the wall street journal" steve moore. steve, thanks for making it in today. >> hi, jamie. we're having a white christmas in chicago. so it is a lot of fun. jamie: i know chicago, burr. the numbers are also pretty chilling for retailers who do what percentage of their business during the holiday season? >> you know, those months of november and december are absolutely crucial, jamie, for the retailers. about 40 to all their business all year is done in those two holiday months. so it's, not very good news that the retail numbers came in, you called them lackluster. and that's probably putting it charitiably. this was the worst year since 2008. it is actually, surprising, jamie, because if you look at some other indicators, consumer confidence had actually bumped up a little bit in the last couple months. we have, i wouldn't read too much into this because other indicators of the economy are looking up right now. jamie: so do you think it's an anomaly that it isn't going up? is it an indication if we go over the fiscal cliff there's conc
Search Results 0 to 3 of about 4

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